高瞻远瞩还是不务正业:上市公司设立私募股权投资基金的经济后果与作用机理研究

Acute Foresight or Ignorance of Core Business:Study on Economic Consequences and Mechanisms of Private Equity Funds Founded by Public Companies

上市公司是资本市场高质量发展的基石,也是贯彻新发展理念、构建新发展格局的重要主体。近年来上市公司设立私募股权投资基金的现象较为频繁,但其经济后果与作用机理尚不明确。本文以2011-2018年的A股非金融类上市公司为研究对象,考察了上市公司设立私募股权投资基金的经济后果与作用机理。研究表明:第一,上市公司设立基金与经营业绩和营运健康度呈显著负相关关系;第二,实业投资率的下滑、多元化程度的攀升以及上市公司与基金之间存在的“特殊代理问题”是主要的作用路径。本文切入上市公司作为私募股权投资基金的出资人而非传统投资对象这一独特视角,在理论上扩展了对企业进行风险投资的经济后果的认识,有助于加深对上市公司与私募基金之间的复杂互动机理的理解;在实务上对于进一步规范上市公司设立基金行为、优化基金治理架构和加强信息披露具有一定的政策含义。

There has been a frequent occurrence of public companies establishing private equity funds.However,the economic consequences and mechanisms of these funds remain unclear.This paper investigates and finds that there is a significant negative correlation between the establishment of funds and operating performance and sustainability of company.The decrease of real investment,increased diversification,and the special agency problem between public companies and fund are the main mechanisms.This paper theoretically expands the literature in the field of venture capital investment and leads to a deeper understanding of the complex interactions between public companies and private equity funds.The policy implications include aligning interests between companies and funds,and strengthening the fund information disclosure as well.